The number of listings for August 2007 was 445 with an average price of $336,766 & August 2008 was 510 with an average price of $296,757. More properties were available for sale this year. However, prices were down by 12%.
New residential listings during the month were 81 with an average of $315,290 for July 2007 and July 2008 was 69 residential listings averaging $283,960. Fewer properties came on the market this August and prices were down by 10%.
Now we come to the numbers reflecting the sales activity. August 2007 had 14 properties go under contract averaging $$287,907 versus August 2008 with 19 properties aveaging $241,376. prices are down this year by 16.16%.
Finally, the month of August 2007 closed out with 17 homes sold averaging $300,863 , while August 2008 saw 15 homes sold averaging $305,733. Sales were down slightly in August of this year. Howvever, prices were up 2%.
In summary, the market remains robust for listings. Sales on the other hand are down and prices are up slightly.
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Bill specializes in residential and income producing new construction, resales, short sales and foreclosure properties in Union, Essex, Somerset and Middlesex counties.
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